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BRIEF-Lennar to buy CalAtlantic Group in about $9.3 bln deal
October 30, 2017 / 10:28 AM / in 21 days

BRIEF-Lennar to buy CalAtlantic Group in about $9.3 bln deal

Oct 30 (Reuters) - CalAtlantic Group Inc

* ‍Lennar and CalAtlantic announce business combination creating nation’s leading homebuilder​

* CalAtlantic Group Inc- ‍transaction valued at approximately $9.3 billion, including $3.6 billion of net debt assumed​

* CalAtlantic Group Inc- ‍expect to realize $75 million and $250 million in synergies from combined co in FY 2018 and FY 2019​

* CalAtlantic Group- ‍under terms of merger, each CalAtlantic share will be converted into right to receive 0.885 shares of Lennar class A common stock​

* ‍deal is accretive before deal costs in fiscal year 2018 and significantly accretive in fiscal year 2019​

* CalAtlantic Group Inc - ‍consideration for deal is approximately 80% stock and 20% cash​

* CalAtlantic Group Inc- ‍on a pro forma basis, CalAtlantic stockholders are expected to own approximately 26% of combined company​

* CalAtlantic - co’s stockholders will also have option to elect to exchange all or a portion of their shares for cash in amount of $48.26 per share​ Source text for Eikon: Further company coverage:

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